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Select accounts from the chart of accounts of Boyden Company are shown below

Select accounts from the chart of accounts of Boyden Company are shown below

101 cash
112 accounts receivable
120 merchandise inventory
126 supplies
157 equipment
201 accounts payable
401 sales
412 sales returns and allowances
414 sales discounts
505 cost of goods
726 salaries expense                                                                                                

The cost of all merchandise sold was 60% of the sales price. During January Boyden completed the following transactions

Jan 3 purchased merchandise on account from Wortham co.$10,000
Jan 4 purchased supplies for cash$ 80
Jan 4 sold merchandise on account to Millan $ 5,250 invoice no. 371 terms 1/10 n/30
Jan 5 returned $300 worth of damaged goods purchased on account from Wortham co. on January 3
Jan 6 made cash sales for the week totaling $ 3,150
Jan 8 purchased merchandise on account from Noyes co. $4,500
Jan 9 sold merchandise on account to Connor Corp $6,400 invoice no 372 terms 1/10, n/30
11 purchased merchandise on account from Betz co. $3,700
13 paid in full Wortham co. on account less a 2% discount
13 made cash sales for the week totaling $6,260
15 received payment from Connor Corp for invoice no. 372
15 paid semi-monthly salaries of $14,300 to employees
17 received payment from Milan for invoice no. 371
17 sold merchandise on account to bullock co $1,200 invoice no 373 terms 1/10 n/30
19 purchased equipment on account from Murphy Corp $5,500
20 cash sales for the week totaled $3,200
20 paid in full Noyes co, on account less a 2% discount
23 purchased merchandise on account from Wortham co $7,800
24 purchased merchandise on account from Fogetta Corp $5,100
27 made cash sales for the week totaling $4,230
30 Received payment from bullock co. for invoice no 373
31 paid semi- monthly salaries of $13,200 to employees
31 sold merchandise on account to Millam $9,330 invoice no. 374 terms 1/10 n/30

Boyden Company uses he following journals:
1. Sales journal
2. Single column purchases journal
3. cash receipts with Columns for cash Dr, sales discounts, Dr account receivable Cr, sales CR, others accounts Cr and cost of goods sold Dr, merchandise inventory Cr, cash payment journals with columns for others accounts Dr, accounts payable Dr. Merchandise Inventory Cr and cash Cr general journal

Instructions: using the selected accounts provided:
1 record the January transactions in the appropriated journal noted
2 foot and cross foot all special journals
3. Show how posting would be made placing ledger accounts numbers and checkmarks as needed in the Journals

SOLUTION PREVIEW
BOYDEN COMPANY
Sales Journal

COGS
Inv.
Debit
Date
Account Debited
No.
Terms
Amount
Inv. Credit
4-Jan
Milam
371
1/10, n/30
5,250
3,150
9-Jan
Connor Corp.
372
1/10, n/30
6,400
3,840
17-Jan
Bullock Co.
373
1/10, n/30
1,200
720

                                   
File name: Boyden-Company.xls File type: application/vnd.ms-excel Price: $10